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Recent Blog Posts
5 Steps to Take Before Selling Your Home
Most experts agree that it is a seller's market. Homes are in great demand, supply is low, and house prices are skyrocketing. If you are like many people, you may be interested in selling your home. However, selling your home is a major undertaking and it can be easy to make mistakes or overlook responsibilities. As you prepare to sell, consider the following suggestions.
Choose an Experienced Real Estate Agent
It is possible to sell your home without a realtor. However, there are many serious risks associated with "for sale by owner" transactions. Usually, these risks outweigh any potential cost savings associated with an FSBO sale. Real estate agents have access to large networks of potential buyers and ample experience with the home selling and buying process. Your agent can help you identify unqualified buyers and negotiate the best price possible.
Retain a Skilled Real Estate Lawyer
Should a No Contest Clause Be Included in a Will?
A last will and testament is a key component in any estate plan. Your will allows you to dictate how your property is distributed to heirs upon your death. It can also be used by parents of minor children to name a guardian should a tragedy occur and the parent dies before the children are adults.
The decisions made in a person's will are the testator's decisions to make. However, family members are not always pleased when they learn what a friend or family member's will contains. If a beneficiary doubts the authenticity of a will, they have the right to contest the will in court. A no-contest clause is a provision in a will that discourages beneficiaries from challenging the will in court.
No-Contest Clauses Are Used to Dissuade Heirs from Contesting the Will
There are many valid reasons to contest a will. For example, if an elderly woman suffering from dementia suddenly changes her will to disinherit her children and instead leaves her estate to someone she hardly knows, this is obviously very suspicious. The woman's family may challenge the will based on lack of testamentary capacity.
Top Reasons to Include a Living Will in Your Illinois Estate Plans
Estate planning is important for anyone of any age or health. Unfortunately, life is nothing if not unpredictable and none of us know what day will be our last. Although it can be an uncomfortable topic to think about, planning for the possibility of incapacitation and death is crucial to protecting your loved ones and ensuring your final wishes are fulfilled. A living will is an advanced directive used to describe your decision regarding end-of-life care and other essential matters.
A Living Will Ensures Your Medical Wishes Will Be Followed
Most people are familiar with a last will and testament. A will is used to describe how property should be distributed to heirs after someone passes away. However, fewer understand the purpose of a living will. A living will is a document that spells out a person’s wishes regarding medical care at the end of their life. If a person is in a coma, suffers from dementia, or has other disabling medical conditions, he or she may not be able to communicate with doctors and loved ones. A living will is used to make medical decisions about end-of-life care in advance, so there is no question about the types of medical care an individual should receive.
Understanding Mechanics’ Liens on Residential Properties in Illinois
Illinois law permits contractors, construction professionals, and other parties to place a lien on a residential property for the purposes of collecting past-due payment. The Mechanics Lien Act ensures that contractors and other parties who work on a home are paid for their work. In other words, a mechanic’s lien is collateral for a debt. It is important for any homeowner to understand when a mechanic’s lien may be placed on their home and how to respond to this situation. It is especially crucial for individuals buying a home to understand how a mechanic’s lien can complicate the home-buying process.
What is a Mechanic’s Lien?
A lien is an action used to ensure the collection of a debt. Liens filed against a real estate property give the creditor interest in the property. This means that the property owner cannot sell or refinance the property until the debt is paid and the lien is lifted. The creditor may also be able to ask the court to compel the sale of the property so the creditor can receive payment from the sale proceeds.
How Is the Probate Process Handled if a Person Did Not Have a Will?
After a person dies, issues related to their estate will be handled through a legal process known as probate. If the person had a last will and testament, the executor of their estate will file their will in probate court, take a complete inventory of their assets, pay taxes and expenses on behalf of the estate, and distribute the estate’s assets to the person’s beneficiaries. However, in cases in which a person died without a will, their family members or other heirs may be unsure about how these matters will be addressed.
Intestate Succession
The probate process will usually be required whether a person had a will or not. In cases where the deceased person did not have a will, someone will need to be appointed as the representative of the estate. This may be a family member or another person who was close to the decedent, and they may ask to be appointed by the probate court that is handling the case. The estate representative will carry out the same duties as a person who was named as an executor in a will.
What Are the Benefits of a Revocable Living Trust?
There are a variety of estate planning tools available to families that will allow them to protect their assets, use these assets to provide for themselves and their loved ones, and determine how matters should be handled after a person’s death. While most people are familiar with wills, they may not be fully aware of the role that trusts can play in an estate plan. Revocable living trusts can be especially beneficial, and understanding how these trusts may be used will ensure that a family will be fully prepared for the future.
What Is a Revocable Living Trust?
Trusts are legal instruments that will allow a person’s assets to be managed by a trustee, who will follow specific instructions for how assets should be distributed to a person’s beneficiaries. When a trust is created, ownership of assets will be transferred to the trust itself. This can ensure that certain assets will be protected, and it will also make sure these assets will be used correctly. If a trust is revocable, the person who created the trust can update its terms at any time.
How Do Contingencies Affect Residential Real Estate Transactions?
Buying or selling a home is a complex financial transaction. There are a number of issues that can affect a sale, and the parties will need to make sure their interests will be protected as they proceed with the home closing process. The contingencies that will be included in a residential real estate purchase contract can play a significant role in a home sale, and it is important for buyers and sellers to understand the types of terms that may be included and how these issues will affect them.
Common Contingencies in Purchase Agreements
After a buyer makes an offer to purchase a home, and this offer is accepted by the seller, a purchase agreement will be created that will outline the details of the transaction, including the closing date and the requirements that each party will need to meet. A contract will include multiple types of contingencies, which are provisions that state that certain requirements will need to be met in order for the transaction to proceed. These terms may allow either party to terminate the transaction based on certain factors, including situations that would place them in a difficult financial position.
What Are the Benefits of a Durable Power of Attorney?
For many people, the process of creating an estate plan will involve decisions about how a person’s assets will be passed to their heirs after their death. However, estate planning may also address a person’s needs throughout the remainder of their life, including ensuring that they will receive the proper medical and personal care and that their finances will be managed correctly. One way of doing so is through durable powers of attorney. By understanding how these agreements can be used and the benefits they provide, a family can make sure a person’s wishes will be followed, no matter what happens.
Reasons to Create Durable Powers of Attorney for Healthcare and Finances
A power of attorney is an agreement in which a person (known as the “principal”) will give someone else (known as their “agent”) the authority to make decisions for them. A power of attorney for healthcare will address issues related to the medical care a person receives and other personal needs, while a power of attorney for finances or property will address issues related to a person’s income, assets, financial resources, and expenses. Powers of attorney are considered to be “durable” if they contain provisions that state that the agent’s authority will remain in effect even if the principal becomes incapacitated. That is, if a person becomes unconscious due to an illness or suffers from dementia or other mental health issues that affect their ability to make their wishes known, their agent will continue to have the authority to make decisions on their behalf.
Do I Need a Real Estate Lawyer to Buy or Sell a Home in Illinois?
Buying or selling your home is a massive undertaking – financially, emotionally, and legally. The consequences of residential real estate transactions can affect your life for years or even decades after the transaction. Furthermore, the complexities associated with buying or selling a home can make anyone feel overwhelmed. For these reasons, many buyers and sellers seek professional legal guidance from a real estate attorney.
Benefits of Working With a Real Estate Lawyer
State laws regarding residential real estate vary. In Illinois, you are not required to hire a real estate lawyer. However, there are many advantages to working with an attorney when buying or selling a home, including:
- A deeper understanding of the terms of the sale or purchase – Anyone who has bought or sold a home can tell you that real estate documents are complicated and difficult to read. Your lawyer will interpret any “legalese” and explain the terms of the contract in plain language. This ensures that you know exactly what you are agreeing to.
Is a Charitable Trust Right for You?
Estate planning allows you to decide how your property is distributed upon your death. Whether you want to leave college money to your grandchild or pass along a treasured family heirloom, your estate plan is the vehicle through which you make those wishes a reality. However, estate plans can involve much more than leaving assets to loved ones. A strong estate plan enables you to leave a legacy while simultaneously supporting the causes you care about. Read on to learn about incorporating a charitable trust in your estate plan.
How a Charitable Trust May Benefit You
Charitable trusts are irrevocable trusts that allow an individual to leave money and property to 501(c)(3) organizations. You can bequeath money, stocks, real estate, and other types of property through a charitable trust. The beneficiary of a charitable trust may be a church or other religious organization, hospital, and school, or other not-for-profit organization.
